Nev. Rev. Stat. § 363A.137 — Payroll tax: Credit for matching employee contributions to prepaid tuition contracts and college savings trust accounts

NRS  363A.137    Payroll tax: Credit for matching employee contributions to
prepaid tuition contracts and college savings trust accounts.
1.  An employer is entitled to a credit
against the excise tax imposed on the employer pursuant to NRS 363A.130 if:
(a) The employer makes a contribution to the
Nevada Higher Education Prepaid Trust Fund created by NRS 353B.140 on behalf of a qualified
beneficiary on whose behalf a prepaid tuition contract is drawn pursuant to NRS 353B.100 and the contribution matches
a contribution made on behalf of the qualified beneficiary by an employee of
the employer; or
(b) The employer makes a contribution to a
savings trust account in the Nevada College Savings Trust Fund created by NRS 353B.340 and the contribution matches
a contribution made to the savings trust account by an employee of the
employer.
2.  A credit described in subsection 1 must
be in an amount equal to 25 percent of the matching contribution but may not
exceed $500 per contributing employee per year.
3.  A credit described in subsection 1 may
not be applied retroactively. If the amount of a credit exceeds the tax
liability of an employer for a year, the excess may be applied to the tax
liability of the employer for 5 years after the year in which the matching
contribution was made. A credit applied pursuant to this subsection must be
applied during the earliest year for which the employer has a tax liability. If
credits for more than 1 year are available to an employer pursuant to this subsection,
the credit from the earliest year must be applied first.
4.  An employer claiming a credit pursuant
to this section shall maintain any record required by the Department regarding
the matching contribution for which the credit is claimed.
5.  A contribution made by an employer as
described in subsection 1 is the property of the employee whose contribution is
being matched and may not be claimed in any manner by the employer.
6.  As used in this section:
(a) “Prepaid tuition contract” has the meaning
ascribed to it in NRS 353B.030 .
(b) “Qualified beneficiary” has the meaning
ascribed to it in NRS 353B.050 .